Federal National Mortgage Association (FNMA) 8-K Regulation FD Disclosure

EXHIBIT 99.2

FANNIE MAE
MONTHLY SUMMARY

FEBRUARY 2006

HIGHLIGHTS FOR FEBRUARY INCLUDE:

• Fannie Mae’s book of business grew at a compound annualized rate of 7.1 percent in February, driven by outstanding MBS, which grew at a 14.2 percent compound annualized rate.

• Total business volume was $45.0 billion, compared to $51.1 billion the previous month.

• Portfolio purchases of $11.4 billion were offset by portfolio liquidations of $10.8 billion and portfolio sales of $5.1 billion, which resulted in a 7.2 percent compound annualized decline in the gross mortgage portfolio.

• Lender-originated MBS issues were $34.4 billion compared to $41.5 billion the previous month.

• The conventional single-family delinquency rate (90 days or more delinquent) fell two basis points in January to 0.77 percent. The multifamily delinquency rate (60 days or more delinquent) remained stable at 0.27 percent.

• The duration gap on Fannie Mae’s portfolio averaged zero months in February.

MORTGAGE MARKET HIGHLIGHTS:

• Total residential mortgage debt outstanding (MDO) grew at a compound annual rate of 13.8 percent during 2005 to a level of $9.8 trillion. Last year’s rate of growth matched that recorded in 2004 as the fastest pace recorded in two decades.

BUSINESS BALANCES AND GROWTH ($ in Millions) 1/

	Mortgage Portfolio, Gross 2/					Outstanding MBS 3/					Book of Business
	End Balance		Growth Rate 4/			End Balance		Growth Rate 4/			End Balance		Growth Rate 4/
March 2005	$	864,648		(13.6	%)	$	1,441,003		8.9	%	$	2,305,652		(0.2	%)
April 2005		851,936		(16.3	%)		1,445,353		3.7	%		2,297,288		(4.3	%)
May 2005		828,079		(28.9	%)		1,464,884		17.5	%		2,292,963		(2.2	%)
June 2005		808,225		(25.3	%)		1,485,149		17.9	%		2,293,374		0.2	%
July 2005		788,786		(25.3	%)		1,498,717		11.5	%		2,287,503		(3.0	%)
August 2005		768,280		(27.1	%)		1,520,943		19.3	%		2,289,223		0.9	%
September 2005		727,824		(47.8	%)		1,573,810		50.7	%		2,301,634		6.7	%
October 2005		717,254		(16.1	%)		1,587,014		10.6	%		2,304,268		1.4	%
November 2005		715,532		(2.8	%)		1,594,277		5.6	%		2,309,808		2.9	%
December 2005		727,173		21.4	%		1,598,079		2.9	%		2,325,251		8.3	%
Full year 2005	$	727,173		(19.6	%)	$	1,598,079		13.9	%	$	2,325,251		0.8	%
January 2006	$	725,287		(3.1	%)	$	1,613,005		11.8	%	$	2,338,291		6.9	%
February 2006		720,815		(7.2	%)		1,630,900		14.2	%		2,351,715		7.1	%
YTD 2006	$	720,815		(5.1	%)	$	1,630,900		13.0	%	$	2,351,715		7.0	%

BUSINESS VOLUMES ($ in Millions) 1/

	MBS
			Fannie Mae		MBS Issues
	Lender-originated		MBS		Acquired		Portfolio		Business
	Issues 5/		Purchases 6/		by Others		Purchases		Volume
March 2005	$	31,493	$	326	$	31,166	$	11,206	$	42,372
April 2005		36,838		429		36,409		8,865		45,274
May 2005		34,343		219		34,124		11,198		45,322
June 2005		40,039		210		39,829		8,964		48,793
July 2005		43,344		207		43,138		9,365		52,502
August 2005		46,540		176		46,363		11,564		57,927
September 2005		61,013		410		60,603		10,021		70,625
October 2005		41,563		446		41,117		10,136		51,253
November 2005		37,818		1,823		35,995		16,021		52,016
December 2005		39,553		10,393		29,160		28,760		57,920
Full year 2005	$	481,260	$	15,628	$	465,632	$	146,640	$	612,272
January 2006	$	41,524	$	2,606	$	38,918	$	12,199	$	51,117
February 2006		34,416		821		33,595		11,417		45,012
YTD 2006	$	75,940	$	3,427	$	72,512	$	23,616	$	96,129

MORTGAGE PORTFOLIO COMMITMENTS, PURCHASES, AND SALES ($ in Millions) 1/

									Mortgage
	Net Retained								Portfolio
	Commitments 7/			Purchases		Purchase Yield 8/			Sales
March 2005	$	9,945		$	11,206		4.79	%	$	4,806
April 2005		5,104			8,865		5.04	%		1,680
May 2005		(8,768	)		11,198		4.99	%		17,812
June 2005		(3,185	)		8,964		5.33	%		10,350
July 2005		3,858			9,365		5.43	%		9,288
August 2005		(21,943	)		11,564		5.27	%		12,507
September 2005		(403	)		10,021		5.44	%		31,071
October 2005		8,314			10,136		5.50	%		4,437
November 2005		20,084			16,021		5.17	%		2,571
December 2005		19,595			28,760		5.43	%		2,876
Full year 2005	$	35,469		$	146,640		5.16	%	$	113,295
January 2006	$	9,187		$	12,199		5.47	%	$	1,774
February 2006		9,704			11,417		5.68	%		5,142
YTD 2006	$	18,892		$	23,616		5.57	%	$	6,916

1/	Represents unpaid principal balance.
2/	Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $332 billion of Fannie Mae MBS as of February 28, 2006.
3/	MBS held by investors other than Fannie Mae’s portfolio.
4/	Growth rates are compounded.
5/	Excludes MBS issued from Fannie Mae’s portfolio, which was $1,350 million in February 2006.
6/	Included in total portfolio purchases.
7/	Represents commitments to purchase, net of commitments to sell, entered into during the month, including any modifications to original amounts.
8/	Calculated as commitment yield for single-family loans, pass-thru rate for multifamily loans and coupon divided by price for securities. Yields are presented on a taxable-equivalent basis.

Numbers may not sum due to rounding.

LIQUIDATIONS ($ in Millions) 1/											DELINQUENCY RATES
	Mortgage Portfolio					Outstanding MBS					Single-family Conventional 2/									Multifamily
	Liquidations					Liquidations					Non-Credit			Credit
	Amount		Annual Rate			Amount		Annual Rate			Enhancement 3/			Enhancement 4/			Total 5/			Total 6/
March 2005	$	17,049		23.52	%	$	24,956		20.86	%		0.31	%		1.72	%		0.59	%		0.09	%
April 2005		19,899		27.82	%		33,740		28.05	%		0.30	%		1.68	%		0.57	%		0.10	%
May 2005		17,301		24.72	%		27,844		22.96	%		0.30	%		1.68	%		0.57	%		0.10	%
June 2005		18,502		27.14	%		29,243		23.79	%		0.30	%		1.69	%		0.57	%		0.10	%
July 2005		19,575		29.42	%		34,429		27.69	%		0.32	%		1.74	%		0.59	%		0.08	%
August 2005		19,624		30.25	%		34,976		27.80	%		0.32	%		1.76	%		0.59	%		0.08	%
September 2005		19,468		31.23	%		37,036		28.72	%		0.33	%		1.78	%		0.61	%		0.09	%
October 2005		16,407		27.25	%		32,350		24.56	%		0.35	%		1.86	%		0.64	%		0.24	%
November 2005		15,247		25.54	%		31,156		23.50	%		0.46	%		2.11	%		0.77	%		0.27	%
December 2005		14,318		23.82	%		28,167		21.18	%		0.47	%		2.14	%		0.79	%		0.27	%
Full year 2005	$	211,416		26.25	%	$	368,067		24.59	%
January 2006	$	12,405		20.50	%	$	25,765		19.26	%		0.45	%		2.12	%		0.77	%		0.27	%
February 2006		10,843		18.00	%		20,830		15.41	%
YTD 2006	$	23,248		21.34	%	$	46,595		18.04	%

AVERAGE INVESTMENT BALANCES

Fannie Mae has determined at this time not to provide average investment balances, which are derived from numbers that are subject to restatement.

INTEREST RATE RISK DISCLOSURE

	Effective
	Duration Gap 7/
	(in months)
March 2005		1
April 2005		-1
May 2005		-1
June 2005		0
July 2005		1
August 2005		0
September 2005		1
October 2005		1
November 2005		0
December 2005		0
January 2006		0
February 2006		0

1/	Represents unpaid principal balance.
2/	Includes conventional loans three or more months delinquent or in foreclosure process as a percent of the number of loans.
3/	Loans without primary mortgage insurance or any credit enhancements.
4/	Loans with primary mortgage insurance and/or other credit enhancements.
5/	Total of single-family non-credit enhanced and credit enhanced loans.
6/	Includes loans and securities 60 days or more past due and is calculated based on mortgage credit book of business.
7/	The duration gap is a weighted average for the month. Since October 2005, we have included non-mortgage assets and liabilities in the duration gap calculation. Our portfolio duration gap calculation excludes any interest rate sensitivity of the guarantee business.
	Numbers may not sum due to rounding.

In connection with the pending re-audit and restatement of Fannie Mae’s previously published financial statements, management is undertaking a comprehensive review of Fannie Mae’s accounting routines and controls, financial reporting process and the application of generally accepted accounting principles. While most of the information contained in this summary is not derived from Fannie Mae’s financial statements, we expect that some of this information will be impacted by the re-audit and restatement. Management believes that the information may be useful to investors for comparing current business activities with those of prior periods and for reviewing trends in our business, notwithstanding that information may change, perhaps materially, from what is reported herein. Issues under review that will cause some of this information to change include those related to securities accounting, loan accounting, consolidation and amortization. More information regarding the re-audit and restatement may be found in Form 8-Ks Fannie Mae filed with the Securities and Exchange Commission on December 22, 2004, March 18, 2005, May 11, 2005, August 9, 2005, November 10, 2005, and March 13, 2006.

For more information about Fannie Mae, please visit www.fanniemae.com or contact us at (202) 752-7115.